Sunday, 20 January, 2019


Trade war: China says United States talks 'laid ground' to resolve dispute

U.S.-China trade talks in Beijing raise hopes that a deal may be reached What hope for markets in the US-China trade talks?
Conrad Doyle | 10 January, 2019, 20:27

Both sides have actively implemented the significant consensus reached by the leaders of the two countries and conducted extensive, in-depth and detailed exchanges on trade and structural issues of common concern, said the statement.

The talks "improved mutual understanding and laid a foundation for resolving issues of mutual concern", the ministry said.

China and the United States wrapped up three days of trade talks and are reportedly coordinating how to characterize the results publicly as officials from both nations expressed optimism that progress had been made.

The discussions marked the first formal talks since the US President Donald Trump and his Chinese counterpart Xi Jinping agreed not to impose new tariffs at the G20 summit in December.

The U.S. Trade Representative's office issued its own statement a day earlier, . and said China has pledged to purchase "a substantial amount" of agricultural, energy and manufactured goods and services from the U.S.

US stocks opened higher on hopes of progress toward a deal to avert an all-out trade war between the world's two largest economies, but pared gains slightly after the USTR statement was released.

The negotiations were extended from the two days initially scheduled, according to the Chinese.

China and the USA will move ahead with trade talks as scheduled, Ministry of Commerce Spokesman Gao Feng told reporters in Beijing at a regular weekly briefing Thursday, without giving any further details over when they would take place.

Additionally, the USA and China will meet for a third day on Wednesday.

But a more hard question may be whether China agrees to monitoring of such a commitment, a condition that US Trade Representative Robert Lighthizer has said is a prerequisite to any deal. -China Business Council in Beijing.

The vice-ministerial level talks are working-level discussions and not meant to yield a final agreement. They include changes to China's policies on intellectual property protection, technology transfers, industrial subsidies and other non-tariff barriers to trade. He wouldn't confirm reports that Vice Premier Liu He will visit the U.S. soon to meet U.S. Trade Representative Robert Lighthizer. The S&P 500 Index has fallen about 8% since Trump and Xi agreed on a 90-day truce at their meeting in Argentina last month.

The editor-in-chief of the Global Times, a state-run Chinese newspaper known for its nationalist leanings, said on Twitter around 4 p.m.in Beijing that he'd heard the two sides were still consulting on the wording of their "coordinated" statements. Prior to the meeting, China made a number of concessions to USA demands including temporarily cutting punitive tariffs on US -made cars, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers.

If talks continue to go well, a cabinet-level meeting is likely to happen before the end of the month.

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